Sionna Therapeutics (NASDAQ:SION) Shares Gap Down After Insider Selling

Key Points

• Sionna Therapeutics shares gapped down, opening at $27.61 after insider sales, compared to a previous close of $28.47.
• Director Bruce Booth sold a significant amount of shares, totaling over $2.36 million across two transactions, resulting in a decrease of his ownership percentage.
• Analysts have varying opinions on the stock, with a consensus target price of $38.00 and ratings ranging from "Strong Buy" to "Hold."

Sionna Therapeutics, Inc. (NASDAQ:SION - Get Free Report)'s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $28.47, but opened at $27.61. Sionna Therapeutics shares last traded at $27.66, with a volume of 16,416 shares trading hands.

Specifically, Director Bruce Booth sold 12,388 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $30.06, for a total value of $372,383.28. Following the completion of the transaction, the director directly owned 794,110 shares of the company's stock, valued at $23,870,946.60. This represents a 1.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce Booth sold 66,105 shares of the business's stock in a transaction on Monday, September 29th. The stock was sold at an average price of $30.09, for a total value of $1,989,099.45. Following the completion of the transaction, the director directly owned 796,259 shares in the company, valued at approximately $23,959,433.31. This represents a 7.67% decrease in their position. The disclosure for this sale can be found here. In other news, CEO Michael Cloonan sold 7,793 shares of Sionna Therapeutics stock in a transaction on Monday, September 29th. The stock was sold at an average price of $29.70, for a total transaction of $231,452.10. Following the sale, the chief executive officer directly owned 547,343 shares in the company, valued at $16,256,087.10. The trade was a 1.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

SION has been the subject of several research analyst reports. Jones Trading initiated coverage on shares of Sionna Therapeutics in a research note on Monday, September 8th. They set a "buy" rating and a $46.00 price target for the company. Royal Bank Of Canada started coverage on Sionna Therapeutics in a research note on Wednesday, September 3rd. They issued a "sector perform" rating and a $22.00 target price on the stock. Raymond James Financial started coverage on Sionna Therapeutics in a research report on Tuesday, September 2nd. They set a "strong-buy" rating and a $45.00 price target on the stock. Finally, Wall Street Zen upgraded Sionna Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $38.00.

Sionna Therapeutics Stock Down 3.2%

The business's 50 day moving average price is $22.64 and its 200 day moving average price is $17.09.

Sionna Therapeutics (NASDAQ:SION - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.41) EPS for the quarter, topping analysts' consensus estimates of ($0.68) by $0.27.

Institutional Investors Weigh In On Sionna Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets purchased a new position in shares of Sionna Therapeutics in the second quarter worth approximately $31,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Sionna Therapeutics in the second quarter worth $45,000. Virtus Investment Advisers LLC bought a new stake in shares of Sionna Therapeutics during the 2nd quarter valued at $96,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Sionna Therapeutics in the 2nd quarter worth $117,000. Finally, New York State Common Retirement Fund bought a new stake in Sionna Therapeutics during the second quarter valued at about $118,000.

About Sionna Therapeutics

We are a clinical-stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients by developing novel medicines that normalize the function of the cystic fibrosis transmembrane conductance regulator (“CFTR”) protein to deliver clinically meaningful benefit to CF patients.

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